The Sky Is The Limit
As I’m typing this the SPX is a bit over 33 handles away from its all time high of 1576.09. Whereas just yesterday we were stuck near an inflection point which the bears could have exploited to their advantage the landscape has changed quite a bit since early this morning:
After the limbo comes the rocket. As of right now I don’t see any technical hurdles that would prevent us from continuing toward our P&F target of SPX 1615.
As a matter of fact today it triggered a triple top breakout – that’s just two days after a bear trap warning when the ES was stuck near that diagonal resistance line. The bears had a real good shot there to exploit this but once again didn’t have the balls to exploit momentary weakness. Not that I could blame them given the full roster of POMO auctions scheduled throughout March.
Crude is looking interesting tonight. That hourly candle tells me that it has a pressing appointment with its 100-hour SMA, which also matches the 100-day on the daily panel. Which would constitute a possible last kiss goodbye move – and that is a spot I would love to get positioned at.
However most of the action is happening over on the FX side today – please step into my lair:
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